$2.3 trillion allocated to support US economy

Federal Reserve System (FRS) announced a new round of support for the economy as part of its anti-crisis package of $2.3 trillion.

The program includes lending to small and medium businesses, as well as support for state and municipal authorities, reported on the website of the Federal Reserve. In particular, a municipal liquidity fund with loans of up to $500 billion and protection of loans of $35 billion will be created for this purpose. The Fed also stated that it will provide funding to banks involved in the small business support program.

On March 27, 2020, U.S. President Donald Trump signed a law to allocate $2.3 trillion to stimulate the U.S. economy affected by the Coronavirus pandemic. Among the proposed measures – $350 billion to support small businesses, tax holidays, $250 billion for extended insurance and so on. It is also planned to give $1,200 to each family, plus $500 per child, to support households.

U.S. ranks second after Italy in terms of the number of fatalities after the infection of COVID-2019.